How Digitalization Revolutionizes Legal Sector. Law / Technology
Technology is increasingly shaping the legal sector, as it has the financial sector. Private legal startups are finding digital solutions to take the day-to-day pain out of in-house work. Even when it’s not possible for in-house teams to cope with a project or workload, the traditional external solutions are being challenged.
- contract reviews – recenzje umów / kontraktów
- mergers and acquisitions – fuzje i przejęcia
Lexoo is bringing Uberisation to corporate law. The London-based company, founded in 2014, has built a network of specialist lawyers around the globe, and can deploy them for anything from contract reviews to mergers and acquisitions.
- run departments more efficiently – prowadzić własne działy / oddziały bardziej wydajnie
We are just at the beginning of a new phase in the way law companies operate. In-house leaders buying legal services are increasingly more tech oriented and aware of the different ways to run their departments more efficiently, and that’s driving change. The legal scene is very far behind other markets in efficiency compared to fintech,” says Van Binsbergen.
WATCH HERE the great conversation on the role of digital technology in legal business.
- billing model – model rozliczeń / system rozliczeń
- continually adapt to … – nieustannie dostosowywać się do …
- pose multiple challenges – stanowić/ przedstawiać wiele wyzwań
“The frustrations with traditional law firms have been there for years, but alternatives weren’t available. It would make sense for them to react and turn to technological solutions, but that just hasn’t happened as much as you would expect because of their billing models.”
Private law firms, it seems, will survive. But to do so they’ll need to continually adapt to the multiple challenges posed by regulation, financial propriety and technology.
Lesson inspired by the article ‘Legal Analytics: When Big Data Meets Big Law’ , published by The Guardian.